Ripple’s David Schwartz tells his own bitcoin story of loss and discovery.
In a new Quora thread, Ripple’s chief technology officer explains how he misplaced six digits worth of BTC and then restored it.
About a decade ago, when Bitcoin was valued at around $ 20, Schwartz opened an account with a crypto casino and deposited 8 BTC on it to play with – a stash that is now worth $ 289,700 at the time of publication.
Not enjoying the casino, Schwartz left BTC to sit there for about seven years.
When he found that his casino fund had really appreciated even though he hadn’t played with the money in seven years, the CTO went back to find his BTC.
At first the CTO couldn’t remember the name of the casino and spent some time searching the internet to no avail.
Eventually, however, the name of the casino came to him after he woke up one day. He then found an old email associated with the account and started the password recovery process.
The process worked. Schwartz found 7.5 Bitcoin in his account and was able to successfully withdraw the BTC.
Schwartz tells his story as part of a larger narrative in which Bitcoin holders lose and in some cases never regain large amounts of BTC.
One person trying to regain their BTC treasure trove is Steil Thomas, CEO of Coil.
Thomas says he has a wallet of 7,002 bitcoin and has no way of accessing its contents. Currently, Thomas says he has two more tries to unlock his IronKey wallet before it locks him out forever.
“This was a time when Bitcoin was worth a tiny fraction of a dollar [Thomas] would create unspent issues with “1.0” bitcoin … he probably created hundreds of such accounts for which he did not keep keys. “
According to CoinMarketCap, each of these accounts would be worth $ 36,786 today at the time of writing.
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Featured image: Shutterstock / Tithi Luadthong